Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ to repay customers $13 million

Around 20,000 ANZ customers will be compensated approximately $13 million after the bank failed to apply bonus interest to its Progress Saver accounts (PSAs).

In a statement issued by ASIC, ANZ must pay affected customers $13 million in compensation following its failure to accurately apply bonus interest to PSAs for a number of years.

According to ASIC, ANZ discovered the breach following a customer complaint and reported it to the regulator.

Advertisement
Advertisement

“ANZ advised ASIC of its intention to undertake a thorough account reconstruction exercise to determine the financial impact on all affected PSA holders,” the statement said.

The bank is currently contacting and providing refunds to affected past and present PSA holders, a process that is expected to be completed by the end of this week.

ASIC deputy chairman Peter Kell said ANZ has taken its breach reporting obligations seriously in this matter.

“Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all,” he said.

ANZ to repay customers $13 million
mortgagebusiness

Latest News

According to data analysis agency GlobalData, one in four ADIs could exit the market within the next five years, as unemployment levels rise...

The economic consequences of the coronavirus pandemic have prompted more non-bank lenders to make changes to their credit policies, which in...

La Trobe Financial has announced it anticipates a “strong and sharp” rebound for the housing market, as well as for employment condition...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you think Australia will move to quantitative easing this year?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.